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The cryptocurrency Litecoin is up more than 140% in 2020. In 2021, LTC shows very fast growth until May; however, due to some external factors, the situation changed significantly. Litecoin's price has gone through a lot since its launch – ups and downs. Prices start at around $3 per LTC and have gone through a number of cycles or "alternative seasons."
This contributed to a significant rise in price before a minor correction occurred. This price correction did nothing to counter Litecoin's strong price trajectory. As for Litecoin's long-term predictions, the outlook suggests that Litecoin has potential. Finally, Litecoin closed 2020 at $124.69 (on CoinMarketCap). From December 31, 2020 to May 9 this year, prices rose 211%. After reaching the $400 level, the coin started to fall. From May 10-23 period, it decreased by 63.26%. Similar to other cryptocurrencies, one of the big reasons for the decline is Bitcoin's overall weakness. In general, similar and close currencies have a close correlation. It can be seen that due to the rapid growth of LTC, the coin will experience a decline. Final,
Will the price of Litecoin go up this year and in the years to come? Let's find out!
A Little History of Litecoin Litecoin ( LTC ) is a so-called peer-to-peer digital currency that is integrated into open source software. Technically, the Litecoin project is very similar to the Bitcoin system. Litecoin production and transmission is based on an open source encryption protocol. There is no central control. With this in mind, all transactions, balances and expenses are managed by a peer-to-peer network. Litecoin is built on a cryptological hash function, which in turn generates blocks. Litecoin can be exchanged for Bitcoin and fiat money. The processing in question is usually done through an online exchange (cryptocurrency exchange).
Litecoin was created by former Google employee Charlie Lee in 2011. The cryptocurrency is based on the Bitcoin protocol but differs in the hash algorithm used. Apart from that, it also differs in capital letters, block transaction time, and several other factors. Litecoin was released via open source on GitHub on October 7, 2011. On October 13, 2011, 5 days later, the Litecoin network went live.
Lee's goal is to create a lightweight version of Bitcoin with Litecoin. The developers have always stated that you can think of Litecoin as the silver version of Bitcoin. Litecoin differs from Bitcoin in prioritizing the transaction confirmation rate, which is around 2.5 minutes per block. However, the reality is that Litecoin users have to wait up to about 30 minutes for their transactions to be processed due to network congestion.
Why does Litecoin have so much potential and LTС is an attractive investment?
Litecoin is faster at handling payments than Bitcoin and is an excellent and proven complementary alternative. This is a very cheap and very safe way to make payments especially in the case of microtransactions, such as, for example, when paying for a cup of coffee. In addition, the Litecoin community is working on implementing all kinds of new fintech gadgets that are actually aimed at Bitcoin. Litecoin is currently working on implementing lightning network protocols and applications for smart contracts and privacy (including confidential & MimbleWimble transactions). Litecoin is light and cheap, but most importantly it is in the right hands with fantastic ambitions. Litecoin has a bright future as a classic and reliable altcoin.
Most investors see Bitcoin as gold and Litecoin as silver. Litecoin was developed as an alternative to Bitcoin and was developed as a lightweight which solves some of the shortcomings of Bitcoin. It is a classic altcoin with more than 6 years of experience and development behind it. New software and technology updates can easily be added to Litecoin.
Like Bitcoin, there is also inherent scarcity. In total, only 84 million Litecoins can be mined. Litecoin can be considered as a much cheaper and faster alternative. In fact, Litecoin is relatively underrated against other cryptocurrencies. Bitcoin is slower and more expensive to use compared to Litecoin.
The fact that Litecoin is fast and cheap has its advantages, especially since people in third world countries without a bank account can still get Litecoin cheaply and quickly.
Why is Litecoin going up?
Litecoin is a better alternative to fiat money when compared to Ethereum. Ethereum was not developed as money, but it can definitely be used that way. you better think of Ethereum as crypto gas.
Also, Ethereum is a much more difficult concept to understand than Litecoin. Litecoin is just a digital p2p money with scarcity that actually works faster as a transaction medium. This makes adoption easier and doesn't require a lot of knowledge. Just install the wallet app on your smartphone, and you will have your own Swiss Litecoin bank account with which to make transactions in seconds. As the popularity and price of Bitcoin increases and, therefore, transaction fees increase, cheaper and faster alternatives will be sought. This is Litecoin, baby.
Other Interesting Facts
Litecoin has made a lot of progress and has even been included as a means of payment in Venezuela's main international payment system. Through the Remesas remittance platform, foreigners can send Litecoin to family members and friends in Venezuela who receive Bolivar in their local bank account through Remesas. A commission of 15% is charged, which means the government in Venezuela is secretly collecting Litecoin.
Another interesting fact is that the Litecoin Foundation owns a 9.9% stake in German bank WEG. The Litecoin Foundation has received this as a donation from the Swiss blockchain company TokenPay. Together they own a nearly 20% stake in this conservative German bank, mainly for real estate investors. Thus, Litecoin can be recognized in the long term as a cryptocurrency that allows to buy real estate in Germany? But we were wrong, so don't get too deep into the matter, take a look at the price history, and see how the coin develops.
Litecoin Price Analysis
While this is not a rising period for cryptocurrencies until around October 2020, Litecoin has performed quite well compared to its competitors. Charlie Lee obviously did very well; he finally introduced the secret transaction (CT). Like ZCash and Monero privacy coins, LTC confidential transactions will prevent replacement, scalability and privacy issues.
The acceptance rate is also quite high. Recently, the Litecoin logo was even advertised in the UFC during the infamous fight. It really is an easy-to-see advertisement. Additionally, a new shopping mall in Singapore with ATMs that accept Bitcoin and Litecoin has been installed. LTC price predictions are very optimistic in the opinion of experts.
Experts hope Litecoin's future is bright in 2021 due to all the integrations and partnerships. In addition, the Litecoin community is very active, with all the developments to come. They will, of course, keep fans informed. There is clear potential that Litecoin will rise further and is certainly a formidable competitor to other cryptos.
However, the price of LTC will most likely stay below $300 and less likely to reach its all-time high, $412.96, set on May 10, 2021. What will Litecoin do in the next 5 years?